Posts

Showing posts with the label Court

Twitter Sues Elon Musk For Reneging On $44B Acquisition

Image
  Twitter   has made good on its threat to sue   Elon Musk   for walking away from a $44 billion deal the two sides inked in April. “Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his interests,” the company said in a lawsuit filed today in Delaware Chancery Court. “Musk believes that he — unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away.” “This repudiation follows a long list of material contractual breaches by Musk has cast a pall over Twitter and its business. Twitter brings this action to enjoin Musk from further breaches, to compel Musk to fulfill his legal obligations, and to compel consummation of the merger upon satisfaction of the few outstanding conditions,” it said. Read the suit  here. Musk agreed to buy Twitter on April 25 for $54.20 a share in an unsolicited offer that was more than 30